AAA photo

(May 10, 2022) WASHINGTON, D.C. — Drivers are paying more at the pump — a lot more — as the cost of gasoline moves steadily higher. In the past two weeks, the national average for a gallon of gasoline has risen 20 cents to $4.32, a penny less than the record high set on March 11. The increase is primarily due to the high cost of crude oil, which was hovering near $100 a barrel last week and is now closing in on $110.

“With the cost of oil accounting for more than half of the pump price, more expensive oil means more expensive gasoline,” said Andrew Gross, AAA spokesperson. “These prices are creeping closer to those record high levels of early March.”

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 2.2 million barrels to 228.6 million barrels last week. However, gasoline demand increased slightly from 8.74 million barrels a day to 8.86 million barrels a day. Increasing gas demand and rising oil prices have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $105 per barrel.

Today’s national average for a gallon of gas is $4.32, which is 20 cents more than a month ago, and $1.36 more than a year ago.



Crude prices rose last week after the European Union announced a proposal to ban Russian oil imports within six months, while refined product imports would be prohibited by the end of 2022. The price increases occurred despite continuing COVID lockdowns in China weighing down crude demand and EIA reporting that total domestic crude inventories increased by 1.3 million barrels to 415.7 million barrels, which is approximately 14 percent lower than the storage level at the end of April 2021.

Since supply remains tight and the market remains highly volatile, crude prices will likely continue to fluctuate this week, potentially pushing pump prices higher.

Quick stats

The nation’s top 10 largest weekly increases: Michigan (+26 cents), New Jersey (+25 cents), Connecticut (+19 cents), Kentucky (+19 cents), Indiana (+19 cents), Rhode Island (+19 cents), Illinois (+18 cents), Washington, D.C. (+18 cents), Alabama (+18 cents) and Tennessee (+18 cents).

The nation’s top 10 most expensive markets: California ($5.82), Hawaii ($5.28), Nevada ($5.11), Washington ($4.83), Oregon ($4.81), Alaska ($4.73), Washington, D.C. ($4.69), Arizona ($4.66), Illinois ($4.59) and New York ($4.51).